On Purpose with Jay Shetty
Jaspreet Singh: Why Most People Stay Broke (Follow THIS 7-Step System to FINALLY Stop Living Paycheck-to-Paycheck!)
19 Jan 2026
Chapter 1: What is the main topic discussed in this episode?
This is an iHeart Podcast.
Chapter 2: Are You Stuck Living Paycheck to Paycheck?
Guaranteed human. Between 55% and 78% of Americans have no money after I just pay my basic necessities. Our system is so rigged for the rich and the financially savvy, but we're never taught to be financially savvy.
Hey everyone, welcome back to On Purpose, the place you come to become happier, healthier, and more healed, to have a better relationship with yourself, with your partner, with your money. And today's guest is one of your absolute favorites. He came on the show three years ago, over 2 million views, millions and millions of impressions across Instagram and TikTok as well.
We had to bring him back. I'm talking about the one and only Minority Mindset, Jaspreet Singh. Jaspreet, it is so great to have you back. Last interview, went ballistic, the comments, the feedback. We had to have you back in the chair and I'm so grateful to be here with you.
Well, thank you, Jay. Thank you to everybody for listening, watching, and it means the world to me. And man, it's great to see you after so long.
Yes, I can't believe it's been so long. I was telling my team, I was like, I can't believe it took us this long to get him back.
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Chapter 3: What Should You Cut First to Start Saving Money?
And I can't believe you've never been to Detroit. I know, that I need to figure out. Yeah, I was saying to Jaspreet, for those of you who are listening or watching, I was saying to him that Eminem, I've always been a massive Eminem fan. And so I heard about Detroit so much growing up. And Big Sean's a dear friend. He's been on the show like three or four times. So-
I can't believe I haven't been to Detroit yet.
Yeah.
Chapter 4: What is the Fastest Way to Make More Money?
And our office is in downtown Detroit for those of you that don't know.
There we go. There we go. And did you grow up in Detroit?
I did. Metro Detroit.
Okay. Amazing. So that makes sense then.
Yep. Yep. People close to home.
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Chapter 5: How Can You Build a $2,000 Safety Net Quickly?
But just wait, let's dive in. The reason why I love sitting down with you is because I feel the advice is so practical. It's so tactical and it's extremely honest. And the first question I have for you is something that I've really been experiencing when talking to people. When I just went on tour, I was in 15 cities across North America.
I don't know why we didn't come to Detroit, but 15 cities across North America and Canada. And whenever I do that, we were taken on purpose on tour. I sat down with people and listened to people's questions. And something that I was really noticing was this. If someone's living paycheck to paycheck, what's the very first step they can take to break that cycle?
Yeah, one of the most unfortunate things about money is we use money every single day. It costs money to eat. It costs money to feed other people.
Chapter 6: What Are the Real Financial Opportunities in AI?
We go to work to earn money. Yet most of us are never taught a thing about money. And so what happens to so many people is we go to school to get a good job, and now we go and get an income, and then we go and spend money, and that recipe is a disaster. Just statistically, the majority of Americans are living paycheck to paycheck. And by majority, it depends on which study you read.
It's somewhere between 55% and some people say as high as 78% of Americans have no money left over for a gift, a vacation, let alone an investment after I just pay my basic necessities. And now the problem and question everyone has is why and how do I get out? And in order to get out, because that's your question, you have to understand the why.
Because the reality, and this is going to sound harsh, but I learned this the hard way. Our system is so rigged for the rich and the financially savvy, but we're never taught to be financially savvy.
Chapter 7: How Do You Prepare for an AI-Driven Economy?
What do I mean? When you understand money, it's much easier for you to get that money and grow that money. When you don't understand it, You're the one that's making everybody else rich. So in this system where you are working to make money and spend money, you're working to make everybody else rich except yourself. Why?
Because the majority of America and really the world now is I make money and I spend money. And every dollar you spend is a dollar going into somebody else's pocket. And in our society, we live in what's called a credit-based economy.
Chapter 8: Why Does Financial Education Matter More in the AI Age?
What that means is if I make $100 from my job, I have the ability to spend that $100 plus more thanks to Visa, Amex, MasterCard, Discover, and all the other forms of debt out there. And so if I go out and spend $100, I'm going to make you $100 richer. If I spend $100 plus $50 on my credit card, I just made you $150 richer.
And so when we live in a society that's built around spending, but more specifically credit-based spending, and you don't have that shield, that financial education, that financial savviness to know what to do with your money, well now every corporation in the world, every bank in the world is going to hire the smartest marketers, the smartest MBAs to get you to spend your money there because that's going to make them rich and you are going to work.
just to pay bills, just to make them rich, and now you never have a chance to get ahead. So this system is designed this way. Now, how do you get out? And the way you get out, we can break it up into multiple steps now. And it starts with step number one, building the right mindset. So I'm going to break it up into seven steps. Step number one is the mindset.
And when it comes to mindset, there are four different layers of this mindset that you have to understand. Number one is I will become wealthy. Number two is money is abundant. Number three is money is a tool. Number four, it's my duty to become wealthy. And the reason why I say that is a lot of us grew up with some sort of money trauma, some sort of money negativity.
And people say poverty is generational. Well, it's not that we have a gene in our DNA saying you're going to be poor. What it is, is you grow up hearing money is bad, money is evil, we don't have enough money, that's too much money, we can't afford that. We hear these types of things growing up.
And so we start to normalize those things that, oh, okay, as a kid, I can't afford that trip to Disneyland anymore. I can't afford these nice things that I want. And then as you start to get older, you start to have kids yourself. What happens when your kids want nice things? We can't afford that. That's too much money. That's beyond what we have. So that gets passed down.
It's that mindset that gets passed down. So the first step is you need to change the way you talk and say, I will become wealthy. And I did a little exercise. I used to guest teach in Detroit public schools. And it was a very tough school district, very rough school district. And I would talk to these kids about money. And I think we talked about this in our last podcast.
But one of the things I would ask them is, what is your dream car? And many people would have dream cars of things like a Ford Focus or a Dodge Challenger. And I would say, why not a Bugatti? Why not a Rolls Royce? And the answer that I would get is somebody like me from my background could never have a nice car like that. So when you tell yourself, I can't, I guarantee you can't.
which is why you have to start saying I will become wealthy. Number two is money is a tool. Many people are scared to talk about money because we're insecure about our own money. But the reality is money is a tool that can amplify who you are. You give a good person more money, they have a tool to do more good.
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